Advanced Power Components Share Chat (APC)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Apc Technology	LSE:APC	London	Ordinary Share	GB0000373984	ORD 2P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+0.00p	+0.00%	7.50p	7.25p	7.75p	7.50p	7.50p	7.50p	6,153	08:00:00

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Electronic & Electrical Equipment	15.6	0.2	0.1	75.0	9.81

Advanced Power Components Share Discussion Threads

Showing 7751 to 7774 of 7775 messages

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Date	Subject	Author	Discuss
24/4/2018 21:14	Interesting comments from Utilitywise today and potentially bodes well for APC "The division saw continued traction from its energy services/IoT offering, with a growth in the number of buildings "made intelligent" of 915, from 306 at H1 FY17 to 1,221 at H1 FY18. Further growth is expected in the second half of the financial year as the commercial offering is considered compelling and disruptive." You just need the ability to join the dots and avoid the temptation of painting by numbers.	playful	Read Full Thread Reply
21/4/2018 12:54	If I was a cynic which,to be clear, I am not, then I would imagine the next fundraising to be accompanied by an acquisition to assuage the shareholders that the funds were required for the sole purpose of the acquisition rather than to plug a gaping hole elsewhere. But as I say that is what a cynic would surmise - but not me.	kemche	Read Full Thread Reply
21/4/2018 12:35	brownie, I am not really accounts savvy so you have to excuse me. But let's start with the accepted definition of what "Working Capital" actually means as that would help in clearing the confusion: hTTp://www.dictionary.com/browse/working-capital?s=t So current assets minus current liabilities leaves a deficit of £3.337 million. That is to say that if the company liquidates all its current assets to pay for the current liabilities it will be short by £3.337 million. Now this shortfall can only be paid in cash that is earned through profitable trading which is the point I am making in post 822. Your assertion that "Net debt can be reduced by other factors than cash profit." is an interesting one. What avenue would you suggest? One could free up some cash by not paying creditors - although we have been told explicitly that creditors have been paid to keep them sweet. They could lean on debtors to pay quicker but this would prove to be difficult as they rely on factoring/invoice discounting which gave rise to the debt in the first place. There is of course a third way, and the one most favoured by them, since almost every year that I can remember - and that is to rely on the largesse of the shareholders. If you look very carefully at the cashflow you will see that in the year just reported they managed to raise £100k from loan notes, £307k from the sale of the associate, and £695k from extra borrowing. So although you are right in standing by your statement on Working Capital I hope you will permit me to not stand by it. And whilst Stockdale may indeed be excellent in looking at various metrics I have always found it best to rely on my own muddled thinking. If you care to check the history here we have had much in terms of "excellent" research by brokers which in hindsight turned out to be less than "excellent". I would love to hear your thoughts on the above. As I say I am not really well acquainted with the finer workings of financial statements and remain a perpetual student of deciphering accounts - which I often find confounding.	kemche	Read Full Thread Reply
21/4/2018 10:55	Kemche, I stand by my statement on Working Capital. Glasshalfull's post 821 in the 5th para highlights the changes in working capital. I dont follow your conclusions on the reduction in net debt. Net debt can be reduced by other factors than cash profit. Stockdale have come out with an excellent 7 page note whick looks at all the usual metrics including cash generated, financing, Assets v liabilities etc. The best thing is to call Stockdale and get a copy.	brownie69	Read Full Thread Reply
19/4/2018 23:32	PJ...thanks	diku	Read Full Thread Reply
19/4/2018 08:21	With you on this KemcheYou have not called balance sheet concerns over last 2 years wrong yet	jailbird	Read Full Thread Reply
19/4/2018 08:13	http://mello2018.com/	pj 1	Read Full Thread Reply
18/4/2018 22:29	Where is the Mello 2018?...	diku	Read Full Thread Reply
18/4/2018 21:59	Early days kemche. Good to have your skepticism here as an alternative to my bullish posts that have a tinge of the rose coloured spectacles about them!!! Have to say I was impressed with Michael Thompson, FD who also appeared very focused. I did say in my latest post they’d made progress & acknowledged that they’ve still a lot to do. Good enough for me...we all have different timeframes & investment rationale. I’ve spoken with the team a number of times now & they have mentioned milestones which they are beginning to deliver against. Rome ne s'est pas faite en un jour! Recognise you may not be in dialogue with APC (nor wish to be) but I’d certainly recommend the Mello 2018 event as an opportunity to attend a presentation, with the additional opportunity to ask the team about the working capital position & balance sheet. I’ve also spoken with John Conoley who has arranged for the Parity team to attend. Kind regards, GHF	glasshalfull	Read Full Thread Reply
18/4/2018 20:52	Working capital (excluding liabilities) improved by £843k! "net debt should fall to £2.9m by year end from £4.0m at end of Feb 2018." That is an improvement of £1.3m (if we take the real debt figure of £4.2m as per the accounts). This will presumably be paid from profits generated in the second half. They made £353k PBT in the first half so an operating margin of 4.1%. To make £1.3m operating profit in the second half, at the same operating margin, they will need sales of £18.8m or a 119% increase in turnover (or 219% of the first half turnover). If they achieve that then I am a hat. There is also a minor matter of a £100k loan note and £270k to be paid for the acquisition. It is possible. But is it probable? And why do we keep reinventing the definition of working capital? I am sure that I have made some grave errors in my calculations in which case please do forgive the foregoing.	kemche	Read Full Thread Reply
18/4/2018 18:32	Evening everyone, I’m currently on holiday abroad & don’t have the time nor inclination for a lengthy write-up on H1 2018 results. I had the opportunity of a chat with the management team earlier today & delighted with progress as APC emerges from extensive restructure & now begins to deliver profitable growth as highlighted via recent strategic announcements. We are at the early stages of this next chapter, but the signs are positive. Importantly the company delivered PBT +740% to £0.35m & Op Profit +45% to £0.55m. H1 bookings also increased to £9m. Working capital (excluding net debt) moved from a deficit of £0.5m as at the end of FY 2017 to a surplus of £0.6m as the end of the interims. Emphasis during H1 was on improving trade payables with the previous position having now unwound, which will help with existing relationships & I’d imagine assist in attracting new suppliers. Management will of course be presenting at Mello 2018 in a weeks time, so investors will have the opportunity to evaluate the investment case first hand. They confirmed that the growth drivers are in place & they have good control now of fixed costs which resulted in them maintaining the 35% gross margin. While the debtor level has increased this is simply due to the acquisition of First Byte & timing of contracts. The team reiterated no bad debts. Management v pleased with First Byte which has been successfully integrated into APC Locator. Focus is very much as described in recent presentations on the growth drivers. I think we’ll see a combination of decent organic growth moving forward aligned with sensible bolt-on acquisitions that improve their Electronic & Components business offering. The b/s should strengthen in the next 6 months with Stockdale indicating that net debt should fall to £2.9m by year end from £4.0m at end of Feb 2018. As mentioned, net debt had risen to this level due to higher invoice discounting debt reflective of increased trading & inclusion of First Byte. As mentioned previously, I’m enjoying watching this turnaround story unfold & convinced the entire APC team are working exceptionally hard to realign the business & while they’ve made much progress there is still a considerable amount still to do. I believe we shall witness an ever improving picture around trading statements & results in the months and years ahead. Kind regards, GHF	glasshalfull	Read Full Thread Reply
18/4/2018 17:31	Let’s hope so.	battlebus2	Read Full Thread Reply
18/4/2018 17:29	Big trade just came out as almost 1 Million @ 8p If I was a betting man I'd say there is a fair chance our friends at Rockridge Investments have increased their holding and helped a distressed seller get a fair price.	playful	Read Full Thread Reply
17/4/2018 22:15	Disappointing market reaction but good numbers maintaining the recovery. If progress continues the full year results should show more than a million profit. Retail broker still needed in my opinion as present broker doing nothing to increase interest.	rinson	Read Full Thread Reply
17/4/2018 19:23	I had hopes for a possible price of ten pennies this morning after the ints but the market said otherwise.Shall keep holding and also the faith.	geraldus	Read Full Thread Reply
17/4/2018 18:31	The sizeable tax losses on the balance sheet would make this an attractive takeover target. Borrowings increased to fund an acquisition This is a glass half full stock for me though I can understand why it is a glass half empty for others. The ship has been steadied and the flip side of debt is a chance to use gearing to enhance profits as all divisions seem to be performing.I appreciate the risks.	zipstuck	Read Full Thread Reply
17/4/2018 14:47	"I'd say working capital has not been better for a long time." Precisely which working capital are you referring to? The one which shows the current liabilities dwarf the current assets by £3.337 million? An odd take if I may say so.	kemche	Read Full Thread Reply
17/4/2018 14:29	Macarre has nailed it for me. Regarding a placing. Why would they contemplate it now? Its been a tough couple of years but the turnaround is very much evidence. I'd say working capital has not been better for a long time. Does not make sense for a placing now, not like bad old days when we had no choice. The business can grow organically from here. The only placing i could contemplate would be a deal that was significantly earning enhancing on an EPS basis. However if First Micro is typical of the kind of deal that they can do then no new equity should be needed.	brownie69	Read Full Thread Reply
17/4/2018 13:38	macarre, any observations on the cashflow, quick ratio or the state of the balance sheet at all?	kemche	Read Full Thread Reply
17/4/2018 12:59	One swallow doesn't make a summer. A commitment not to make diluting placements at give away prices would brighten people up more. Market reaction says few are excited. Feel free to go all in with your portfolio resources.	this_is_me	Read Full Thread Reply
17/4/2018 11:28	Revenue and profit up. Gross margin maintained and admin expenses down. If this is not exciting, what is then?	macarre	Read Full Thread Reply
17/4/2018 09:04	thisisme, many a word.........watch this space.	kemche	Read Full Thread Reply
17/4/2018 08:46	Not very exciting but the strategy looks sensible. Hopefully we will not have another give away placing.	this_is_me	Read Full Thread Reply
17/4/2018 08:44	New case study just published on the company website: Kingston Council car parks are lighter and more energy efficient with full lighting upgrade hTTp://apcplc.com/projects/kingston-council-car-parks-lighter-energy-efficient-lighting-upgrade/	playful	Read Full Thread Reply

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